Haverty Furniture Reports Record Sales for November

Furniture World Magazine

Haverty Furniture reported sales activity for the month ended November 30, 2001. Havertys' November delivered sales set an all-time record monthly high, increasing 6.2% to $65.6 million, compared with $61.8 million in November 2000. On a comparable-store basis, November delivered sales increased 0.4%. Comparable-store sales do not include three expanded stores or locations opened, closed or otherwise non-comparable during the last 12 months. Delivered sales for the first eleven months of 2001 totaled $613.0 million versus $618.5 million for 2000, representing a decrease of 0.9%. On a comparable-store basis, sales decreased 6.2% for the first eleven months. John E. Slater, Jr., President & CEO said, "Sales finished the month stronger than had been expected and we are pleased to report another monthly increase in comparable-store sales. We now expect that both December and the fourth quarter will generate low single-digit percent increases in comp-store sales rather than the modest decreases previously anticipated. Inventories are in line and gross margins remain very good. "We are especially pleased to revise our fourth quarter earnings guidance upward to a range of $0.39 to $0.41 per share, which would equal or slightly exceed the results from the same period last year. It is very encouraging to be nearing the end of a difficult, recessionary year with continuing prospects for positive sales and earnings momentum," Slater concluded. As previously announced, the Company changed its accounting method for recognizing revenues in 2000 and began recording merchandise sales upon delivery to the customer for the year 2000. Historically, sales had been recognized and "billed" prior to delivery when certain conditions were met. Havertys is a full-service home furnishings retailer with 103 showrooms in 14 southern and central states providing its customers with a wide selection of quality merchandise in middle- to upper-middle price ranges. Additional information is available on the Company's website at http://www.havertys.com .